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Jun 22, 2013
06/13
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a growing economy. the idea that a lot of excess money will flow into the market, of course, scares -- that it will stop happening scares market participants. >> another surprise out of the news conference, moving the goalpost. when the jobless rate hit 7% the fed will likely pull back. we're at 7.6%. explain how lower unemployment could lead to negative results for the market. >> well, it's one of these things where if things go up too fast in terms of the economy then the market participants, in particular those institutions who have now become reliant on monetary policy to drive stocks they may force mr. bernanke to become more aggressive and take the pedal off and put pressure off the pedal and start to taper a little bit. faster. i think that's what most people are worried. we think it's nonsense. fundamentals drive stocks and we're in the mid of a grand transition from dependency on monetary policy to dependency onfuls and we think there's volatility along the way. >> you might be right. volatilit
a growing economy. the idea that a lot of excess money will flow into the market, of course, scares -- that it will stop happening scares market participants. >> another surprise out of the news conference, moving the goalpost. when the jobless rate hit 7% the fed will likely pull back. we're at 7.6%. explain how lower unemployment could lead to negative results for the market. >> well, it's one of these things where if things go up too fast in terms of the economy then the market...
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Jun 16, 2013
06/13
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CSPAN2
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what we have had i think is a kind of this year economies essentially the american and the british economy in particular have them treated like a laboratory in which these theories have been tested. so, we have 100 years of data. 30 or 40 years we have equalization. we have had 30 years that we've had the opposite. so we can look at the impact of the two period on the economic performance. and the evidence is is the latter model capitalism that has been less successful on every major indicator of economic performance compared with a post war era so we have had slower growth since the 1980's and lower productivity and lower levels of business investment and we have had high levels of unemployment than the relative stability that we had in the 1950's and 60's. so come on a cost-benefit analysis, you know, the period of the unequal capitalism has basically coming you know, is the need a failure. so the experiment has not worked. >> host: who pushed the experiment in the two countries? >> guest: the experiment -- the idea that you should have free markets and less state regulation and as a par
what we have had i think is a kind of this year economies essentially the american and the british economy in particular have them treated like a laboratory in which these theories have been tested. so, we have 100 years of data. 30 or 40 years we have equalization. we have had 30 years that we've had the opposite. so we can look at the impact of the two period on the economic performance. and the evidence is is the latter model capitalism that has been less successful on every major indicator...
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Jun 23, 2013
06/13
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KQED
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of the global economy. in a statement, the g8 warned that, quote, global economic prospects remain weak. though downside risks have reduced thanks in part to significant policy actions taken, unquote. in the u.s., the euro zone and japan. they depicted 2014 as a quote unquote difficult one with the euro zone in recession and the american economy still hampered by high unemployment. china did not participate in the discussions since china is not a member of the g8 although japan, its neighbor, is. >> why are the economies around the world slowing down. >> because the economies around the world have accumulated too much debt and they don't know how to get the economies moving again. china's growth rate is down to 6 or 5%. no one knows where it's going. exports within the european community are dropping all over the place. virtually every european country -- look at the unemployment rate in spain. it's 26%. you look at italy, france and spain, they're all cass -- basket cases. they have a debt to retail. just
of the global economy. in a statement, the g8 warned that, quote, global economic prospects remain weak. though downside risks have reduced thanks in part to significant policy actions taken, unquote. in the u.s., the euro zone and japan. they depicted 2014 as a quote unquote difficult one with the euro zone in recession and the american economy still hampered by high unemployment. china did not participate in the discussions since china is not a member of the g8 although japan, its neighbor,...
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Jun 16, 2013
06/13
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FBC
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it will be good for the economy. and that's why all of us have come together to try to push and get this thing done this year because every day that we wait isis a day wasted and a d that we've lost, a day that the economy won't grow. >> but tom you say the econo has nothing to do with this. >> that clip was an absolute crock. that was one of the most disingenuous things i have ever heard in my life. unions are dying. and that's the reason for this. they were at 40% of the public work force about 30 years ago. they're now at 6.%. there's 7.3 million people accordingo bls in 2012, end of to 1 2012 in unions. you'rere talking about people coming from countries where unions are prevalent. this is 100% political. there's no other way to spin this. this is a matterf survival for these unions. >> susan, you agree with that? is th about growing the enomy or growing the union base in >> this is absolutely about growing the econom if you look at who else was there at that press conference and at that white house event, it was
it will be good for the economy. and that's why all of us have come together to try to push and get this thing done this year because every day that we wait isis a day wasted and a d that we've lost, a day that the economy won't grow. >> but tom you say the econo has nothing to do with this. >> that clip was an absolute crock. that was one of the most disingenuous things i have ever heard in my life. unions are dying. and that's the reason for this. they were at 40% of the public...
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Jun 20, 2013
06/13
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FBC
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investors try to let gays cells of the economy, not just the u.s., but the global economy. a lot of news, and assault team coverage with nicole petallides. once again standing by the new york stock exchange. a big sell-off. phil flynn at the cme tracking down the commodities, especially metals. jo ling kent is here with a very troubling story about china that we are following, but first to you, nicole. your headline please. >> reporter: to the big deal here is watching the volatility. we had a lot of 200. swings in the last 21 days since ben bernanke and his testimony may 22nd. half of those, ten of the 21 actually had 200. swings. the volatility is here and today you are obviously seeing a bigger move unusual. 350 points to the downside. cheryl: and an unusual move. that is how you would characterize this. >> reporter: absolutely an unusual move. essene the volatility of 10200, but not 350. cheryl: you will get back to you in a moment. phil flynn at the cme. >> reporter: it is a metals meltdown. what temperature doubles milton mack probably when the fed starts talking abou
investors try to let gays cells of the economy, not just the u.s., but the global economy. a lot of news, and assault team coverage with nicole petallides. once again standing by the new york stock exchange. a big sell-off. phil flynn at the cme tracking down the commodities, especially metals. jo ling kent is here with a very troubling story about china that we are following, but first to you, nicole. your headline please. >> reporter: to the big deal here is watching the volatility. we...
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Jun 20, 2013
06/13
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of course, that depends on the economy and that the economy sticks to the script that the fed believes it will and, you know, that's most likely economic sen scenario and interest rate path. >> mark, what do you think of the timetable? do you think the economy is ready to have the training wheels come off? >> yeah, i do. you know, i think that by late this year, the fiscal head winds, the tax increases and spending cuts will begin to fade that will let the better private economy shine through that is a long narrative in story but i think it is the best and most likely story and yes, at that point i think it makes sense to start tapering qe ending and starting to raise interest rates. >> if the economy is getting better which allows the tapering of the qe, why did the markets react so negatively? >> yeah, good question. you know, if you read sort of the fine print in the fomc statement, it was pretty hawkish. they dowed back their worries about the risks to the economy. they lowered their forecast for the unemployment rate. they even dismissed the lower inflation to be temporary. i thin
of course, that depends on the economy and that the economy sticks to the script that the fed believes it will and, you know, that's most likely economic sen scenario and interest rate path. >> mark, what do you think of the timetable? do you think the economy is ready to have the training wheels come off? >> yeah, i do. you know, i think that by late this year, the fiscal head winds, the tax increases and spending cuts will begin to fade that will let the better private economy...
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Jun 20, 2013
06/13
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KRCB
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if the economy is improving what are the economic sensitive things to do better? diversified companies and consumer discretionary stocks like housing and auto and media. if we're right that the economy starts to pick up in the second half of this year and into next, then those stocks are cheap and ought to do well. >> how alarmed were you by that chinese manufacturering number that came out overnight? it kneecaped the commodities space and some of the stocks, as well. is this what you would see as the beginning of a long-term slowing in emerging markets and in china? >> there is $64,000 question. we've been emerging for the last several quarters. the pmi number in china overnight was an ink mental data point that concerns investors. we would like to see the chinese government to come out with fiscal and monetary initiatives that would restimulate growth into the start of next year but at this point it's like waiting for gudel. we're watching the economy slow down in china where maybe 7.5 to 8% run rate this year. we would like to see that number stabilize there, m
if the economy is improving what are the economic sensitive things to do better? diversified companies and consumer discretionary stocks like housing and auto and media. if we're right that the economy starts to pick up in the second half of this year and into next, then those stocks are cheap and ought to do well. >> how alarmed were you by that chinese manufacturering number that came out overnight? it kneecaped the commodities space and some of the stocks, as well. is this what you...
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Jun 21, 2013
06/13
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CSPAN
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this economy the new normal? caller: it looks like it with everything the way is going on -- with everything that is going on. my situation iis ok. i have family and friends that have been laid off and trying to find jobs and we all are trying to help a couple of family members out. host: where are you from? caller: i am calling from north llc -- from north tennessee. our next call, good morning. love c-span and "washington journal." basically this whole concept of ," -- a lot of us forget history. the way i view things is since world war two there has been this big exhalation of government programs. -- escalation of government programs. over decades they have made these promises and it is starting to encroach in the private sector. the private sector is what creates jobs, not the government. think that as an important concept here. it is kind of a big escalation in government and it is starting to infringe on the private sector. host: if you are listening on c- span radio, coast-to-coast on x m at channel -- on
this economy the new normal? caller: it looks like it with everything the way is going on -- with everything that is going on. my situation iis ok. i have family and friends that have been laid off and trying to find jobs and we all are trying to help a couple of family members out. host: where are you from? caller: i am calling from north llc -- from north tennessee. our next call, good morning. love c-span and "washington journal." basically this whole concept of ," -- a lot of...
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Jun 20, 2013
06/13
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CNBC
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economy and to cisco? >> i think this is where the fed deserves a lot of credit in the last couple of years. we haven't done things with deficit spending and repatriation to stimulate the economy. the fed used all of the skills that they had. so you've got a track record of calling it right. if they believe it's time to slowly taper back a little bit, the main thing is the economy is in better shape. >> it's not tapering that you want, you want tax reform in the united states. you want to get that money which you have to hold off shore for u.s. jobs, yes? >> the u.s. tax system is broken. we've waited for years for it to come back. we're assuming that's not going to happen. we don't think that it's going to happen. that's why you see me traveling throughout asia pacific, throughout europe and you've seen the majority of our acquisitions in the past year in terms of the big ones, at least half over seas. >> you can't repay the try eight the $47 billion? >> i can't repay the try eight the $47 billion. i'm on
economy and to cisco? >> i think this is where the fed deserves a lot of credit in the last couple of years. we haven't done things with deficit spending and repatriation to stimulate the economy. the fed used all of the skills that they had. so you've got a track record of calling it right. if they believe it's time to slowly taper back a little bit, the main thing is the economy is in better shape. >> it's not tapering that you want, you want tax reform in the united states. you...
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Jun 22, 2013
06/13
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CNNW
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economy can stand on its own. that means the u.s. economy is healing. but then you have nagging concerns about the rest of the world. a recession in europe, china's growth appears to be slowing. the global worries are one reason why stock investors are so concerned about a pull-back from the fed right now. >> this is a classic case of heads you win, tails i lose. it doesn't matter what bernanke would have said, the markets are ready to fall out of bed. it's per ververse, it's obscure it's childish, it's all those things. but here's the reason. because investors have gone for exotic emerging markets with very narrow exits. of course, when things start to change, they all head for the door at the same time. you're absolutely right. the mere fact that he will be taking his foot off the gas is because the car is going fast enough on its own. so you have to put it into context. do i think we should be concerned? the hiccup, bucolic plague of the last week. absolutely not. the market knew it was coming and they're just having a nasty bout of indigestioindiges
economy can stand on its own. that means the u.s. economy is healing. but then you have nagging concerns about the rest of the world. a recession in europe, china's growth appears to be slowing. the global worries are one reason why stock investors are so concerned about a pull-back from the fed right now. >> this is a classic case of heads you win, tails i lose. it doesn't matter what bernanke would have said, the markets are ready to fall out of bed. it's per ververse, it's obscure it's...
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further stated that immediate spending cuts would likely slow the economy you can we just talk about what is the difference between short term and long term effects on the economies this seems like something people are taking into effect term consequence is that keynesian economic theory is very much fixated on what's happening in the economy in the short run and they think that the government by spending money or to be fair sometimes they say by cutting taxes but the whole thing is they want the government somehow to put money in people's pockets so that those people who then go out and spend the money but what they conveniently overlook is where does the government get the money in the first place if it's going to send everybody a check for five hundred dollars obviously it has to borrow that money from the private sector so anything that they came the answer putting in the economy's left pocket they first have to take out of the economy's right pocket so that's the short run problem with keynesian economics the long run problem is when do they actually impose the fiscal discipline
further stated that immediate spending cuts would likely slow the economy you can we just talk about what is the difference between short term and long term effects on the economies this seems like something people are taking into effect term consequence is that keynesian economic theory is very much fixated on what's happening in the economy in the short run and they think that the government by spending money or to be fair sometimes they say by cutting taxes but the whole thing is they want...
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and producing economy and really requires two things from people and just outlined general form one is you need to find out the ways in which you're contributing to the this phony economy and you've got to stop doing that and you know them that simple example of that is just removing your money from these two big. failed banks and putting them into local banks and local enterprises but the other more important thing is developing a notion of economy based on productivity and producing really means giving to the future instead of taking from it so any kind of practice that is borrowing from the future in wasting it or consuming it now is kind of the old way and so i mean there are many ways that we can do that as a society we can begin to start sharing our resources on the local level we can do circle lending cutting banks out we can start doing crowd funding also and beginning to use our own power in our own initiative and on creativity sharing that and developing our own loads of economy and i think that that's what the book does it first part is a critique of our present corrupted
and producing economy and really requires two things from people and just outlined general form one is you need to find out the ways in which you're contributing to the this phony economy and you've got to stop doing that and you know them that simple example of that is just removing your money from these two big. failed banks and putting them into local banks and local enterprises but the other more important thing is developing a notion of economy based on productivity and producing really...
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which is the the normal side of things in a healthy economy and the deadly side of things when you have a cancer like an asset bubble this is going to cause that's meaning that the man succeeds income when you stop having this decline in people liquidating that the demand is less than income and the economy can go into a permanent slump and that's again this is japan does cameron want to britain into another japan it looks like with this policy he does without even knowing that he's doing it which is why as other women spy certain saudis brian. steve came chancellor of the exchequer george osborne says he wants to reduce debt in britain while simultaneously launching help to buy stock which is an increase in debt so my simple question is is the chancellor lying i think the chancellor like most politicians is focusing on the level of government debt not on the level of household and profit did and i think that's the real problem the cause of this process was an out of control private banking sector lending to the private sector to encourage it to speculate on assets even though it may go
which is the the normal side of things in a healthy economy and the deadly side of things when you have a cancer like an asset bubble this is going to cause that's meaning that the man succeeds income when you stop having this decline in people liquidating that the demand is less than income and the economy can go into a permanent slump and that's again this is japan does cameron want to britain into another japan it looks like with this policy he does without even knowing that he's doing it...
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Jun 20, 2013
06/13
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economy and the world economy go cold turkey on all this easy money, and they-- nobody wants to be the last guy out of the market. and so they reacted very-- very swiftly, more than than i suspect the fed anticipates. >> brown: james pawlzen, is it a surprise. everyone knew at some point the fed would do this. >> i don't think so. i think that part of the big response that david speaks to has to do with the fact we've come up so much i think in the last year. we had a really big run, 25%, 30% run. often in big bull markets you have very violent but short-term sort of pull-backs and i think this was a catalyst that allowed traders to sell, the excuse to sell. i do think that people calm down a little bit, we adjust to little higher bond yields we're seeing in the last few days as the fed stops buying many as many bonds. i think we'll calm down and realize that the fed's real message is that the economy to them is looking a little better, and they think for the first time the economy is get along with a little less support from them all on its own as an equity investor that's probably a
economy and the world economy go cold turkey on all this easy money, and they-- nobody wants to be the last guy out of the market. and so they reacted very-- very swiftly, more than than i suspect the fed anticipates. >> brown: james pawlzen, is it a surprise. everyone knew at some point the fed would do this. >> i don't think so. i think that part of the big response that david speaks to has to do with the fact we've come up so much i think in the last year. we had a really big...
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Jun 23, 2013
06/13
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FBC
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we see interest rates go up, what does that do to the market anit to the economy? >> that's your real danger. a few weeks al ago, 1.6% on a government bond and now 2.5%. who cares. you try to get a mortgage six to eight weeks ago, you could you have gotten it at 3% now it's pushing 4%. that's a big difference in how you value a home. so this is the market behaving. this isn't the federal reserve. that's bigger than the federal reserve. if it continues and weo to another percent up rapidly, you'reoing to see housing prices start to go down again anthe recovery ending 37 so we don't want to go too far. but i do think a little was good because itas taking the heat off th stock market and we don't want artificially low tes, but they desee rates at about today's level. >> john mayfiel do that worry you, the housing market is one of the few positives in the economy right now. >> yeah, but i don't think rates will go up significantlyfo a maer of time. you understand to dave's point that 8% was the benchmark brought up by the administration. give us this free money, we'll
we see interest rates go up, what does that do to the market anit to the economy? >> that's your real danger. a few weeks al ago, 1.6% on a government bond and now 2.5%. who cares. you try to get a mortgage six to eight weeks ago, you could you have gotten it at 3% now it's pushing 4%. that's a big difference in how you value a home. so this is the market behaving. this isn't the federal reserve. that's bigger than the federal reserve. if it continues and weo to another percent up...
SFGTV2: San Francisco Government Television
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Jun 17, 2013
06/13
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SFGTV2
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and that's partly a philosophy of the sharing economy as well. and whether it's a need for space, people need to have space as they did in the aftermath of hurricane sandy, or now in oklahoma, or whether they needed to get a car because their car was damaged, or they needed some repairs in their house, they're trying to relight the pilot in the stove and they didn't know how to do it. they can't find the big utilities enthralled in a great effort elsewhere. these sorts of things people can help each other and we can access the companies that are part of bay share and the share economy to get some help for people right away. it's all in the general effort that i want people of san francisco in every single neighborhood to know we want them here as part of the recovery, that they're not going elsewhere, we're not leaving them alone. we're not leaving them isolated. i learned that big lesson as myself and others who went with me to new orleans a few years back a couple years after their levees broke. we tried to understand the frustration of people
and that's partly a philosophy of the sharing economy as well. and whether it's a need for space, people need to have space as they did in the aftermath of hurricane sandy, or now in oklahoma, or whether they needed to get a car because their car was damaged, or they needed some repairs in their house, they're trying to relight the pilot in the stove and they didn't know how to do it. they can't find the big utilities enthralled in a great effort elsewhere. these sorts of things people can help...
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Jun 23, 2013
06/13
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FOXNEWSW
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their role in the economy. they just punted by and large. >> let's pick up on that because as julie said, there's the argument in its own way that bernanke statement is good news, inflation is low, it may be tepid, but growth is continuing and it shows the economy is recovering. >> but worry for someone like bernanke, when interest rates are this level and this much stimulus in the economy from that, and the economy strengthens to the point we have reasonably robust growth, you're right on the danger point for outbreak of inflation. that's what a fed chief has to be concerned about. the thing chiefs often have to do is raise rates in a way it doesn't blow up the force of whatever recovery is going on, but in time to prevent inflation. once the inflation jeannie is out of the bottle, it is hard to put it back in. last big experience we had with that was with near hyperinflation in the late 1970s, and massive recession was in duesed when paul volcker clamped down on that, raised interest rates to the point we wen
their role in the economy. they just punted by and large. >> let's pick up on that because as julie said, there's the argument in its own way that bernanke statement is good news, inflation is low, it may be tepid, but growth is continuing and it shows the economy is recovering. >> but worry for someone like bernanke, when interest rates are this level and this much stimulus in the economy from that, and the economy strengthens to the point we have reasonably robust growth, you're...
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Jun 15, 2013
06/13
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CNNW
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economy? >> i don't know. i would be a little bit more careful than keith and say let's move all the policy and remove ben bernanke's presence in the economy. the fed has done an extremely important role in the past several years of lessening the impact of this recession. it was a real meltdown we were experiencing in '08. what we are seeing now is an economy that's still heelialing from this deep recession. the housing market is looking better, auto production sales are picking up. some of the most cyclical parts of the economy are showing strength. i think we are on the beginning, in the beginning stages of that. what would worry me is that if you take away this fed policy too easily and create a big spike in interest rates, costs go up. two of the sectors that are performing the best, housing and auto, could start to suffer. i think you have to be very careful when you are this i go about policy prescriptions for the economy. >> what you are both illustrating to me was the word of the week, taper. it is no
economy? >> i don't know. i would be a little bit more careful than keith and say let's move all the policy and remove ben bernanke's presence in the economy. the fed has done an extremely important role in the past several years of lessening the impact of this recession. it was a real meltdown we were experiencing in '08. what we are seeing now is an economy that's still heelialing from this deep recession. the housing market is looking better, auto production sales are picking up. some...
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Jun 15, 2013
06/13
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economy. >> i do. you know, i think we have lost a lot of the privacy around purchasing data already. and people are comfortable with that. you know, you buy something on the internet. jonas buys a dog toy on the internet, and then all of a sudden he's saying ads for kibbles pop up. that's because they're coming through your purchasing data and they're suggesting ads to you. we've already gotten comfortable with some level of losing that privacy there. when you think about encryption, i think there could be a really strong boom in the crytion services. there are a lot of companies already starting to do this. this is what american ingenuity looks like. we see a problem, we find a way to fix it. >> john, do you think this will impact the economy for the good or bad? >> i don't think it's going to be negligible either way. facebook had a lot of problem with beacon. that was sharing users' data with advertisers so they could target certain users. that really hurt them for a time being. they got o
economy. >> i do. you know, i think we have lost a lot of the privacy around purchasing data already. and people are comfortable with that. you know, you buy something on the internet. jonas buys a dog toy on the internet, and then all of a sudden he's saying ads for kibbles pop up. that's because they're coming through your purchasing data and they're suggesting ads to you. we've already gotten comfortable with some level of losing that privacy there. when you think about encryption, i...
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Jun 22, 2013
06/13
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KQED
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i believe the economy is grow with that rate. it's not a problem for the housing market and of course, the housing market is key for the growth in the economy but housing is still extremely affordable at record rates in terms of affordability. it would take rates going much higher before we saw that, you know, really affect or impact the housing market. >> viewers have their pencils ready and a couple stocks are banks, one big, one somewhat smaller. let's start with the big one, which is citi group. >> okay. we focus on fundamentals and the fundamentals are very positive for citi group. there is several positive factors favoring citi group. improvement in the capital market activity and citi group benefits from the real estate market. in fact, they are going to be releasing 8.57 -- $8.5 billion in reserves so that will be a strong tail wind this year. on top of that the evaluation is very attractive. the stock is selling at 63% of book, a low pe ratio and i think the stock could get up to book value. >> i would assume housing wou
i believe the economy is grow with that rate. it's not a problem for the housing market and of course, the housing market is key for the growth in the economy but housing is still extremely affordable at record rates in terms of affordability. it would take rates going much higher before we saw that, you know, really affect or impact the housing market. >> viewers have their pencils ready and a couple stocks are banks, one big, one somewhat smaller. let's start with the big one, which is...
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Jun 16, 2013
06/13
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CNN
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we're a global open economy. what happens in china and europe will certainly matter for our outlook as well. >> for most of the people watching us rights n now, their house or job is how they create wealth, not a big investment portfolio. talk to me about those two things. for someone watching me now, i have no control over china or ben bernanke, how can regular people make money right now or protect their money? what do you tell people? >> a great question to ask. housing is a big part of that. we're seeing real signs of life in the housing market. quite encouraging. last year, home prices up about starting to see that appreciation is very powerful in terms of building back household wealth, fueling consumer spending and helping to support overall confidence. >> do you agree? >> the first time in consumer positive. you get a lot of people very regressive, americans are fed up with that, getting on with their life and things they own are going up in price. housing prices could go up 10 to 15%. it could be phenome
we're a global open economy. what happens in china and europe will certainly matter for our outlook as well. >> for most of the people watching us rights n now, their house or job is how they create wealth, not a big investment portfolio. talk to me about those two things. for someone watching me now, i have no control over china or ben bernanke, how can regular people make money right now or protect their money? what do you tell people? >> a great question to ask. housing is a big...
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Jun 19, 2013
06/13
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CNBC
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they are all coming down. >> no, i think the economy is fine. i mean, remember the amount of fiscal drag. look at real consumer spending, growing at about a 2% to 3% pace in the first half of the year. that's great if you're bringing the deficit down. we've got a lot of fiscal drag and the economy is dealing with that. i think we're seeing good numbers on housing. i think we're seeing good numbers on consumer spending. everything is not right in business or manufacturing, i get that, there's a lot of weakness in the world economy, but overall the economy is absorbing a huge amount of fiscal draug drag right now. i think it's powering through that, and i think it's actually got less to worry about.right n. i think it's powering through that, and i think it's actually got less to worry about. >> it's a very big footprint. >> something that's very important to remember. >> just to reiterate, there's no explicit indication from the fed that it's close to scaling back its bond-buying program. bob pisani, the markets have been moving lower on this. cu
they are all coming down. >> no, i think the economy is fine. i mean, remember the amount of fiscal drag. look at real consumer spending, growing at about a 2% to 3% pace in the first half of the year. that's great if you're bringing the deficit down. we've got a lot of fiscal drag and the economy is dealing with that. i think we're seeing good numbers on housing. i think we're seeing good numbers on consumer spending. everything is not right in business or manufacturing, i get that,...
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Jun 21, 2013
06/13
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this economy -- >> there are some points made, either the economy strengthens sufficiently that the fed and pull back asset purchases and paper as they're talking about going from $85 billion to $75 billion a month, who knows? there's a lot of money being or the economy doesn't strengthen enough and canned tapir and liquidity will drive asset prices. q e was designed for it deflation, and designed to raise home prices and in mortgages -- i am not saying the world is perfect. and we just disagree with what the ultimate outcome would be and we are more bullish than he is. >> equity markets trading at 15 times multiple but you really have a growth trajectory of 2%. normal trajectory for the equity market with 15 times multiple gdp growing. but you don't have that. you need to see a fill in with economic activity in the second half for start to see more -- i would like to point out of this market, as you see even taper you are seeing risk of trade kick in and yields go higher, and maturities to four year, 3.5 year maturity to waive this out and perhaps wetter the approach to their portfolio
this economy -- >> there are some points made, either the economy strengthens sufficiently that the fed and pull back asset purchases and paper as they're talking about going from $85 billion to $75 billion a month, who knows? there's a lot of money being or the economy doesn't strengthen enough and canned tapir and liquidity will drive asset prices. q e was designed for it deflation, and designed to raise home prices and in mortgages -- i am not saying the world is perfect. and we just...
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Jun 19, 2013
06/13
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the economy is abo think we thought 2 would be at the start of 2013. we think it is a slow growth u.s. economy growing about 2%. europe maybeefeels like it is hitting the bottom. still no growth, maybe slightly negative. in the developing world it is still the fastest growing markets for us. i think china rather than growing 8%, may be growing closetory 6 to 7%. but the important thing it is not getting any worse and i do see global trade, cross-border trade increasing. >> okay. that's a good sign if we see trade increasing. but ups guidance in the first quarter, you're still saying earnings per share growth of roughly 6 to 12%. the target is 10 to 15%. has that changed as we get ready for your earnings report in july? >> no. we'll update that, adam first part of july. currency was hurting us. we had higher pension expense because of the lower discount rates at the end of last year. take that out we would be pretty close to our long-term ranges. we don't see looking into the future that we shouldn't hit that 10 to 15% earnings growth. >> let me bring u
the economy is abo think we thought 2 would be at the start of 2013. we think it is a slow growth u.s. economy growing about 2%. europe maybeefeels like it is hitting the bottom. still no growth, maybe slightly negative. in the developing world it is still the fastest growing markets for us. i think china rather than growing 8%, may be growing closetory 6 to 7%. but the important thing it is not getting any worse and i do see global trade, cross-border trade increasing. >> okay. that's a...
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Jun 19, 2013
06/13
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and the stocks are benefiting from the economy getting better and maybe eventually international economy getting better, the ones that did better during this timeframe. cheryl: i guess i stand corrected. we did sell on the news. want to ask you about that gdp production and whether you make any thing out of this. 2013, initially -- in march it was 23 to 28. today they came out and said foxbusiness.com to. cheryl: >> the economy is going through this fiscal drive. you mentioned there is fiscal worries. i think that you have to take that into account. more interesting is in the future years on how it will rebound. it implies that the fiscal drag will fall back. cheryl: and over to you about the differences here in the fed and what could be a change in. he was twice asked what his plans or and refused to answer the question. but at the same time, everyone seems to think the majority of those out there say janet will be the next federal reserve chairman. but that change is still unclear. what do you think happens? what is your prediction? >> my prediction would be janet, but i would caution
and the stocks are benefiting from the economy getting better and maybe eventually international economy getting better, the ones that did better during this timeframe. cheryl: i guess i stand corrected. we did sell on the news. want to ask you about that gdp production and whether you make any thing out of this. 2013, initially -- in march it was 23 to 28. today they came out and said foxbusiness.com to. cheryl: >> the economy is going through this fiscal drive. you mentioned there is...
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Jun 18, 2013
06/13
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economy. it's growing at 2%. it's going to accelerate as consumer confidence rises with rising housing prices. we'll see 3, 4, 5% growth rate. >> 3, 4, 5%, those are big numbers. you had an okay housing number today but housing starts are up 29% on year. here's my inflation point. the year-to-year cpi, 1.4%. guys like me two years ago worry about inflation, money printing, i was wrong. i said that before. the best set indicator, 1.0%. without inflation, why should inflation rates have to go higher? >> they go a little bit higher, but the key is our tremendous productivity in this country. even if you get labor costs up 1 or 2%, there will be no increase in unit labor costs if you get 3% productivity growth which i think is reasonable given our experience. we've got years of growth ahead of us. these are the years where the environment, where it can look ahead several years and see continued significant growth. just exactly how fast it grows is going to grow is not the problem, particularly whe
economy. it's growing at 2%. it's going to accelerate as consumer confidence rises with rising housing prices. we'll see 3, 4, 5% growth rate. >> 3, 4, 5%, those are big numbers. you had an okay housing number today but housing starts are up 29% on year. here's my inflation point. the year-to-year cpi, 1.4%. guys like me two years ago worry about inflation, money printing, i was wrong. i said that before. the best set indicator, 1.0%. without inflation, why should inflation rates have to...
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Jun 15, 2013
06/13
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immigrants contribute to our economy. immigrants pay taxes. we're actively mobilizing a lot of the important aspects of our economy. so when we are having a discussion about what is the living wage and how fast can we live on, right now, $14,500 is the living wage. they're talking about be giving access to services. we're creating a shadow economy of a community in perpetual -- >> i think the conservative movement in this country does not want immigration reform. it helps keep wages down like you're talking about. there is a mindset that is very strange. this came out of mouth of jeb bush. i want to you hear what he said about immigrants. here it is. >> we're going to have fewer workers taking care of a larger number of people that the country has a social contract with. to be able to allow them to retire with dignity and purpose we cannot do that with the fertility rates we have in our country. immigrants are more fertile and they love families and they have more intact families and they bring a younger population. >> what is your response to
immigrants contribute to our economy. immigrants pay taxes. we're actively mobilizing a lot of the important aspects of our economy. so when we are having a discussion about what is the living wage and how fast can we live on, right now, $14,500 is the living wage. they're talking about be giving access to services. we're creating a shadow economy of a community in perpetual -- >> i think the conservative movement in this country does not want immigration reform. it helps keep wages down...
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Jun 20, 2013
06/13
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CNBC
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in fact, i think the economy -- the real economy where we spend our time is actually many a little stronger than the numbers show and, again, we talk about a few minutes ago housing is really important. housing has led every recovery to participate in a big way. even bigger than the numbers. housing punches its way because it affects people's attitude. also, ag is doing relatively well. energy. who would have guessed that we would be potentially -- >> peak oil, the whole notion of it, the notion of peak oil, you have 1,000 year's worth now if you take china's reserve and everyone's reserve. >> we have not hit peak hydrocarbon. >> what we know today, we think we have 100 years or so in the u.s. what we might know 20 years from now could be 500. >> the way the information is going, i'm looking at all of this. when computers start designing themselves and everything else, we're going to move on to something else. you didn't run out of stones. >> the key is, we have now figured how to extract it from different types of things. >> right. >> we know there's more energy in the things we can't get
in fact, i think the economy -- the real economy where we spend our time is actually many a little stronger than the numbers show and, again, we talk about a few minutes ago housing is really important. housing has led every recovery to participate in a big way. even bigger than the numbers. housing punches its way because it affects people's attitude. also, ag is doing relatively well. energy. who would have guessed that we would be potentially -- >> peak oil, the whole notion of it, the...
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Jun 20, 2013
06/13
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he saved the economy. now he is in the process of mapping the economy. you look at the second part, managing is harder than saving because you can do different things rather than one thing. so the market feels uncertain about this. natural for it to be uncertain. in the risk off, risk on world, when they're not sure, they stop everything. >> neil: you were around during the '87 market crash and crashettes. before and after. what do you watch for for something that overstays its welcome? in other words, just vote of keeps going on and -- just kind of keeps going on and on. >> you see if you missed something. this artificial economy, interest rates are out of whack. they're killing all kinds of investors, starting with retirees. so how long it lasts is how long it takes for all of these people to look further into the numbers, and come up with something that satisfied or at least making -- >> that gets to the question on how high should interest rates really be. some say if the fed were to just quit riding the apron strings for us, that maybe they wouldn't
he saved the economy. now he is in the process of mapping the economy. you look at the second part, managing is harder than saving because you can do different things rather than one thing. so the market feels uncertain about this. natural for it to be uncertain. in the risk off, risk on world, when they're not sure, they stop everything. >> neil: you were around during the '87 market crash and crashettes. before and after. what do you watch for for something that overstays its welcome?...
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Jun 21, 2013
06/13
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what's your assessment of our economy? >> yeah. what's interesting, larry, is we know that the fiscal drag is hitting right now. the combination of tax increases and spending cuts should be the most onerous right now in the second and third quarter and yet, the u.s. economy has held in there fairly well and i'm not so optimistic that we'll get through the two quarters without a drop some place and i'm concerned about not only china's pmi, but i think we'll get softening economic data here that will take some of the taper off of the tapering that we're getting from the fed. in other words, yields should back down here after they race up a bit more. i think 275 on the ten-year might be the peak there and the midpoint in the summer we'll question the u.s. economy a little bit more because of the fiscal drag and just one more thing. two weeks ago, i got a meeting with orrin hatch, and he's obviously the ranking minority member of the central tax writing authority in the congress on the senate side, we know that tax reform is moving for
what's your assessment of our economy? >> yeah. what's interesting, larry, is we know that the fiscal drag is hitting right now. the combination of tax increases and spending cuts should be the most onerous right now in the second and third quarter and yet, the u.s. economy has held in there fairly well and i'm not so optimistic that we'll get through the two quarters without a drop some place and i'm concerned about not only china's pmi, but i think we'll get softening economic data here...
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find out what's really happening to the global economy with mike's cancer for a no holds barred look at the global financial headlines tune in to kaiser report on our. mission free accreditation free transport judges free. range mentioned free risk free just to tide free. download free broadcast quality video for your media projects and a free media dog r.t. dot com you. welcome to our conversations of great minds with dr douglas rushkoff dr rushkoff is an author teacher documentarian who studies the way people cultures and institutions create share and influence each other's values world renowned media theorist and counter-culture figure is the originator of ideas such as viral media social currency and screen agers he's going to the forefront of digital society from its beginning correctly predicting the rise of the net the dotcom boom and bust as well as the current financial crisis and is a familiar voice on n.p.r. a face on p.b.s. and writer and publications from discover magazine to the new york times to rushkoff newest book is titled present shock when everything happens now a
find out what's really happening to the global economy with mike's cancer for a no holds barred look at the global financial headlines tune in to kaiser report on our. mission free accreditation free transport judges free. range mentioned free risk free just to tide free. download free broadcast quality video for your media projects and a free media dog r.t. dot com you. welcome to our conversations of great minds with dr douglas rushkoff dr rushkoff is an author teacher documentarian who...
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Jun 19, 2013
06/13
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if market does well when the economy does well. this is just a short-term thing of people addicted to sugar, get them off the sugar, they'll be fine. >> do you think job growth is strong enough? the last four reports, the average growth rate has been about 194,000 jobs. chairman bernanke was suggesting, you know, he's throwing out the caveat that we're talking about a timetable of starting the tapering later this year, assuming that that kind of job growth continues. do you think it will? >> i think, actually, he's doing better, if you look at the household survey, which means it's small businesses that may be more robust than we think. this whole premise that the federal reserve is helping the economy by doing what it's doing, i think needs to be closely re-examined. it's sent credit to things like fannie and freddie, from the federal government to big companies, but it also means that it's been a slow trickle of credit until recently, to smaller businesses, which are the real job creators in this economy. and you look at insuranc
if market does well when the economy does well. this is just a short-term thing of people addicted to sugar, get them off the sugar, they'll be fine. >> do you think job growth is strong enough? the last four reports, the average growth rate has been about 194,000 jobs. chairman bernanke was suggesting, you know, he's throwing out the caveat that we're talking about a timetable of starting the tapering later this year, assuming that that kind of job growth continues. do you think it will?...
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Jun 23, 2013
06/13
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KGO
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we're talking about the economy. look at the economy, look at the potential there. look at the squandered opportunities we have had. we go back to congress did this or didn't do that. if we had an aggressive energy strategy, if we had a way to lift people out of where they are right now. when you see middle income people lost $5,000 a year, why is that? we are so blessed for so long, the only thing missing right now is strong leadership in establishing -- >> what would an aggressive energy strategy mean? the president is going to make a major announcement this week on climate change and energy. i want to know what that would be. >> i don't think that the president needs to make a statement on green energy. with the list of priorities of what's going on, if this is the initiative, i think there's a lot more things on the plate. to me, it's a pivot away from what's causing the distrust of this government. any relationship you have, whether it's you and i, you and your wife, any of us in a business relationship, when we lose trust in the person, then we don't have fait
we're talking about the economy. look at the economy, look at the potential there. look at the squandered opportunities we have had. we go back to congress did this or didn't do that. if we had an aggressive energy strategy, if we had a way to lift people out of where they are right now. when you see middle income people lost $5,000 a year, why is that? we are so blessed for so long, the only thing missing right now is strong leadership in establishing -- >> what would an aggressive...
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Jun 21, 2013
06/13
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tona's economy is beginning slow. how much of an impact could that have on the u.s. economy? >> it could have a fairly significant impact. china was really an anchor of the early steps of the recovery. they stepped in really quickly, and now even in china, there are concerns about too much liquidity in the system. maybe they have done too much and created too much risk. the chinese economy is slowing, and that will certainly reverberate around the world very quickly if we do not see a handle on that soon. >> thank you very much indeed. >> thank you. >> you are watching "bbc world news." still to come on tonight's program -- stranded on a glacier in greenland. after their plane crashed, a crew lived one of the greatest survival stories in history. massive rescue operation is underway to reach survivors in the flood hit areas in india. at least 500 50 people had died, and more than 50,000 are stranded after floods swept away buildings and triggered landslides -- at least 550 people have died, and more than 50,000 are stranded. >> this iconic hindu shrine now completely washed a
tona's economy is beginning slow. how much of an impact could that have on the u.s. economy? >> it could have a fairly significant impact. china was really an anchor of the early steps of the recovery. they stepped in really quickly, and now even in china, there are concerns about too much liquidity in the system. maybe they have done too much and created too much risk. the chinese economy is slowing, and that will certainly reverberate around the world very quickly if we do not see a...
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Jun 19, 2013
06/13
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FBC
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economy. how come? >> i think the u.s. economy will likely be a loser. more we keep doing qe, whatever the bigger adjustment and harder it will be to get back to normal. so i think we should probably have stopped it sooner, probably much, much sooner. longer we keep doing it i think it raises the risk. i think it makes magnitude of the adjustment even harder. another way of saying, i think the size of the bubble we probably have in bond prices just keeps going up and up. melissa: professor you're so clear. >> the economy will lose. melissa: you are so clear and make so much sense. i hope you come back soon. >> i would love to, thank you. melissa: next on "money," can you really take money out of politics? i don't know. ben cohen, the cofounder of ben & jerry's ice cream says yes. he will tell us his ambitious plan to do it. i hope it includes the americone dream. that is delicious. >>> breaking down the cost of immigration. cbo says it will cut the deficit and boost the economy and increase jobs. really? we have former cbo director douglas holtz-eakin to
economy. how come? >> i think the u.s. economy will likely be a loser. more we keep doing qe, whatever the bigger adjustment and harder it will be to get back to normal. so i think we should probably have stopped it sooner, probably much, much sooner. longer we keep doing it i think it raises the risk. i think it makes magnitude of the adjustment even harder. another way of saying, i think the size of the bubble we probably have in bond prices just keeps going up and up. melissa:...
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Jun 20, 2013
06/13
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CNBC
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he is projecting the economy will get better, and we would agree. but now i think people are worried about the removal of the monetary stimulus, and they just don't have confidence yet in the economy. >> remember when we were hitting those new highs on almost a daily basis? everybody said, we need that pull-back to give people who haven't gotten gu tinto the mara chance to get into the mark. >> there's two things. there's sentiment on the fixed income markets. the fixed income markets have been overshooting. we have fixed income type of index and it has reached almost panic level at this point. generally when we see these panic levels in the fixed income market, three to six months later, we tend to see better returns with fixed income, so the bottom market is overdoing it in terms of the upside on yields. it doesn't mean they can't go a little bit further from here, but it feels like it's getting somewhat overdone at this point. >> jim, if you're not the rangeer, you're the big ranger here, so why do you have a range from 15-something to 17-somethi
he is projecting the economy will get better, and we would agree. but now i think people are worried about the removal of the monetary stimulus, and they just don't have confidence yet in the economy. >> remember when we were hitting those new highs on almost a daily basis? everybody said, we need that pull-back to give people who haven't gotten gu tinto the mara chance to get into the mark. >> there's two things. there's sentiment on the fixed income markets. the fixed income...
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Jun 20, 2013
06/13
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that the economy is stronger. and that it is a lack of confidence in the economy's ability a to stand on its two feet without all of this liquidity. >> and do you think this is old-fashioned profit taking? we've had good gains for 2013. we've had good gains for last four years. is it time to take something off the table for that reason. >> think i so. and a couple dayes with twloost days of run up with the announcement yesterday was short-covering. so i think you have people on the shore wagon as well. i think it is a combination of profits and the move down today. >> have you a triple witch tomorrow right? expiration coming tomorrow. how does that impact things? >> i think that exaggerates the moods. usually you see a lot of activity and volume and movement. and what we have seen the last few days is a heavy down days. i think the on coming combination exaggerate the move and puts pressure in that direction of the movement in this case down and exaggerate this move. not quite a bit but, significantly amount today
that the economy is stronger. and that it is a lack of confidence in the economy's ability a to stand on its two feet without all of this liquidity. >> and do you think this is old-fashioned profit taking? we've had good gains for 2013. we've had good gains for last four years. is it time to take something off the table for that reason. >> think i so. and a couple dayes with twloost days of run up with the announcement yesterday was short-covering. so i think you have people on the...